Kinsale Capital Group, Inc. $KNSL Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP reduced its Kinsale Capital Group stake by 88.5% in the second quarter, selling 9,648 shares and retaining 1,258 shares valued at approximately $415,000.
• Other institutional investors increased their exposure, including Bamco and BlackRock, while Capital World Investors more than doubled its position. Institutional investors and hedge funds collectively own 85.36% of Kinsale’s stock.
• Kinsale exceeded quarterly earnings and revenue expectations, reporting $5.54 in earnings per share and $548.52 million in revenue. However, analysts maintain a consensus “Reduce” rating, with an average price target of $368.78 versus a recent share price of $334.11.

Corient Private Wealth LP cut its stake in shares of Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) by 88.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,258 shares of the financial services provider's stock after selling 9,648 shares during the quarter. Corient Private Wealth LP's holdings in Kinsale Capital Group were worth $415,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Bamco Inc. NY acquired a new position in shares of Kinsale Capital Group in the second quarter valued at about $878,600,000. BlackRock Inc. purchased a new stake in Kinsale Capital Group in the second quarter valued at approximately $671,457,000. Capital World Investors boosted its position in Kinsale Capital Group by 117.4% in the fourth quarter. Capital World Investors now owns 987,844 shares of the financial services provider's stock valued at $386,366,000 after buying an additional 533,499 shares during the last quarter. Norges Bank acquired a new position in Kinsale Capital Group in the 4th quarter worth approximately $107,916,000. Finally, Bank of America Corp DE acquired a new position in Kinsale Capital Group in the 2nd quarter worth approximately $69,470,000. 85.36% of the stock is owned by institutional investors and hedge funds.

Kinsale Capital Group Price Performance

NYSE:KNSL opened at $334.11 on Friday. The stock has a 50 day moving average of $364.91 and a two-hundred day moving average of $340.81. Kinsale Capital Group, Inc. has a 12 month low of $287.20 and a 12 month high of $485.00. The firm has a market cap of $7.61 billion, a P/E ratio of 13.54, a price-to-earnings-growth ratio of 1.02 and a beta of 0.88. The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 0.11.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last released its earnings results on Thursday, July 23rd. The financial services provider reported $5.54 earnings per share for the quarter, beating the consensus estimate of $5.11 by $0.43. Kinsale Capital Group had a return on equity of 25.54% and a net margin of 28.49%.The business had revenue of $548.52 million for the quarter, compared to the consensus estimate of $445.13 million. During the same quarter last year, the business posted $4.78 earnings per share. The business's quarterly revenue was up 16.8% compared to the same quarter last year. On average, analysts expect that Kinsale Capital Group, Inc. will post 21.1 earnings per share for the current fiscal year.

Kinsale Capital Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 14th. Shareholders of record on Friday, August 28th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Friday, August 28th. Kinsale Capital Group's payout ratio is 4.05%.

Analyst Ratings Changes

KNSL has been the subject of several research reports. JPMorgan Chase & Co. lifted their price objective on shares of Kinsale Capital Group from $380.00 to $390.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Weiss Ratings upgraded shares of Kinsale Capital Group from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, August 19th. Wells Fargo & Company raised their target price on shares of Kinsale Capital Group from $366.00 to $377.00 and gave the stock an "equal weight" rating in a report on Monday, July 27th. Morgan Stanley boosted their target price on shares of Kinsale Capital Group from $345.00 to $390.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 19th. Finally, TD Cowen reaffirmed a "hold" rating on shares of Kinsale Capital Group in a report on Tuesday, June 16th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Kinsale Capital Group currently has a consensus rating of "Reduce" and an average target price of $368.78.

Kinsale Capital Group Profile

Kinsale Capital Group, Inc is a specialty insurance company headquartered in Richmond, Virginia. Through its insurance subsidiaries, including Kinsale Insurance Company, the company provides commercial property and casualty insurance in the United States.

Kinsale focuses primarily on the excess and surplus lines market, which serves businesses with risks that may not be accommodated by standard insurance carriers. Its offerings include coverage for commercial property, general liability, professional liability, commercial auto, and other specialized risks.

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